ILLUMINATION FOUNDATION (40) - Laserfiche WebLink

Home Browse Search

D. Grantee responded to a Request for Proposals (RFP # 22-119) from the City, and the Project was selected for an award of HHAP funds. Consistent with the Pre-Commitment Letter from the City dated July 18, 2023, City desires to provide financial assistance to Grantee for the Project by providing a grant to Grantee in an amount not to exceed Two Million Twenty One Thousand Three Hundred Nineteen Dollars ($2,021,319) on terms and conditions set forth in this Agreement ("HHAP Grant"). E. The amount of the HHAP Grant was determined based upon the City's review of the Grantee's proposal,and the proforma and projected cash flows for the Project submitted by the Grantee to the City ("Proforma"). The City Project Manager has authority to approve revisions to the Proforma and projected cash flows for the Project, provided that the HHAP Grant is not materially increased or extended. F. Grantee desires to accept the HHAP Grant on the terms and conditions set forth in this Agreement. Among other things, this Agreement requires an Affordable Housing Regulatory Agreement with Declaration of Restrictive Covenants and Conditions ("Regulatory Agreement") must be recorded against the Property and other protections to ensure the affordable housing requirements of this Agreement. G. Grantee represents that it has the requisite qualifications,expertise,and experience to develop, construct and rehabilitate the Project and is willing to use said HHAP Grant for the Project. H. This Agreement is contingent upon the award of HIAP grant funds from the State of California, California Homeless Coordinating and Financing Council in the Business, Consumer Services and Housing Agency. I. The Project is in the best interest of the City and the health, safety and welfare of the residents of the City, and in accordance with the public purposes and provisions of applicable federal, state and local laws and requirements. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Grantee agree as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and/or as set forth in this Article 1. (a) "Affordable Housing Unit" shall mean the ten (10) affordable units restricted for occupancy by the Regulatory Agreement as follows: one (1) one-bedroom unit and seven(7) two-bedroom units shall be restricted for occupancy by Qualified Homeless Youth who qualify as Extremely Low Income, and two (3) three-bedroom units shall be restricted for occupancy by Qualified Seniors who qualify as Very Low Income, as further defined in the Regulatory Agreement.